In that neighborhood, they're not going to get any of their money back out of the renovation because its a teardown.TexAg1987 said:
My concern would be the value of the house after the remodel. Any comparable houses in the area? If everyone else is tearing down and building new then a restored old house still won't be worth much.
TMoney2007 said:In that neighborhood, they're not going to get any of their money back out of the renovation because its a teardown.TexAg1987 said:
My concern would be the value of the house after the remodel. Any comparable houses in the area? If everyone else is tearing down and building new then a restored old house still won't be worth much.
Overextending yourself financially to rebuild what will likely be one of the smallest new houses in the neighborhood is questionable too, IMO.
Even though I don't like the idea of completely filling up a lot with house, that's what the market is doing.
You think there's $200k in headroom?AgLA06 said:TMoney2007 said:In that neighborhood, they're not going to get any of their money back out of the renovation because its a teardown.TexAg1987 said:
My concern would be the value of the house after the remodel. Any comparable houses in the area? If everyone else is tearing down and building new then a restored old house still won't be worth much.
Overextending yourself financially to rebuild what will likely be one of the smallest new houses in the neighborhood is questionable too, IMO.
Even though I don't like the idea of completely filling up a lot with house, that's what the market is doing.
There's multiple homes either on the market or just sold that say otherwise.
Diggity said:
I always hear people talk about that school being great but that rankings don't support that. Is it just the Montessori aspect that people like?
AgLA06 said:
Right, but yours isn't. It's also well below the average lot size of SPP. Most people don't want to go from GO to SPP because they would downsize lot size. You wouldn't.
Your going to pay 20% to a GC so your kidding yourself if that's your justification.
Look at the listings I posted in SPP. Even if you got your house for lot value, these would be the same price or cheaper for more house without months of renovation. And based on what you're talking about doing most likely leasing somewhere else for months as well.
You gave us a sq/ft, neighborhood, and year of purchase. I've lived within 2 miles of the area my entire life. I keep an eye on the market. I'm not going to look up the exact house you bought, but it isn't hard to get a decent idea.